Setting up a sole proprietorship is fairly easy and straightforward in Hong Kong. Here is how you can do it:
First, choose a distinctive name of the business that will correspond to the Hong Kong Companies Registry requirements. Further, you will need to register your business with the Inland Revenue Department. You will be required to apply for a Business Registration Certificate; the certificate needs to be renewed annually. The good thing about the process is that it’s easy, and you could do it online or directly at the IRD office.
There is no residency requirement for foreigners, so everybody can establish a sole proprietorship in Hong Kong. In return, records should be current, and business registration needs to be renewed annually.One IBC Hong Kong will facilitate the process for you by maintaining all the paperwork and dealing with local legislation, guiding the foreign entrepreneur through the whole process of opening a sole proprietorship.
Although sole proprietorships offer simplicity of formation, they do not offer limited liability protection. This means that the owner is personally liable for all debts of the business. If you prefer to go through a hassle-free process of registration, we at One IBC Hong Kong can assist you in going through the process of incorporating a business, giving professional advice, and completing all steps to ensure your business will be properly registered.